Skip to main content

Search form

CFPB will take another look at the payday lending rules

Wednesday, January 17, 2018
Sabri Ben-Achour | Marketplace
Rebecca Borné

Last year, the Obama administration enacted new rules regarding payday lending. They haven't yet come into effect. Now, the Consumer Financial Protection Board says it will reconsider the tighter regulation that would have required payday lenders to make sure the people they lend to can actually repay their loans. The rule was bitterly opposed by some in the lending industry who say it would cut off credit to potential borrowers. Many consumer advocates, however, said the rule would have prevented people from being taken advantage of.